SUI's market cap hits $11.72 billion with a 116% price surge in 30 days. As ETF discussions grow, SUI eyes a potential breakout to $4.58.
With the crypto market reaching a market cap of more than $3.7 trillion, the market cap of Layer 1 tokens reached ~$950 billion. Among the top-performing Layer 1 projects, SUI SUI $4.36 24h volatility: 13.8% Market cap: $12.80 B Vol. 24h: $5.16 B is gaining momentum.
With a market cap of $12.42 billion, it has increased by 14.81% over the past 24 hours. Furthermore, it recently registered a new all-time high after crossing the $4.2595 psychological mark.
The SUI price action registered a new all-time high of $4.2595. The surge in buying pressure has overcome the immense overhead supply pressure that resulted in a reversal earlier today.
Source: Tradingview
The previous reversal resulted in a closing price under the crucial resistance zone from $3.84 to $3.89. However, the improving underlying sentiments propelled the altcoin price higher in a consecutive stream of bullish candles.
The 50 and 100 simple moving average lines have marked a positive crossover, supporting the uptrend continuation. Furthermore, the DMI indicator showcases a surge in trend momentum reflected in the ADX line uptick.
Currently, the altcoin is trading at $4.2101, preparing for a strong closing above the 1.272 Fibonacci level at $4.1785. This strong closing will increase the chances of the SUI price trend reaching the 1.618 Fibonacci level at $4.5832. This potential price target will mark a new all-time high.
Currently, the SUI’s TVL is $2.915 billion, slightly more than 10% higher than Solana’s TVL of $23.11 billion.
Furthermore, the current transaction per second over the SUI network is at 28. Meanwhile, Solana has a significantly higher TPS of 4,447.
Despite the massive difference between the networks, the price actions showcase an uncanny resemblance. In a recent X post by Cleanwater.sui, the SUI price action reflects a similar trend to Solana, with a parabolic rise after a consolidation/bearish phase. Thus, it emphasizes the possibility of an extended parabolic rally in SUI.
The filing of Grayscale’s 19b-4 form to the US SEC to list their Solana Trust as an ETF boosted Solana’s market price. From the SUI viewpoint, Grayscale is managing an SUI Trust.
Launched in August 2024, the trust’s assets under management have reached $6.344 million. Furthermore, the NAV per share has risen to $0.5488, compared to $10.24 at the launch price.
With a more than 5x rally, Grayscale’s SUI Trust has performed impressively. As the Trump administration’s pro-crypto hype increases the chances of ETF’s approval, Google Trends reveals a surge in SUI ETF searches.
Based on the global search volumes over the past 30 days, the interest in SUI ETF has increased. Thus, discussions related to SUI ETF are starting to sprout.
In conclusion, as the short-term rally targets $4.58, the changing crypto landscape supports the bull run. In a pro-crypto government, the rising discussions of ETF could become the bullish next catalyst.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
